Wheat prices in the EU to slip to 4-week low, as jitters of delivery to disappear

  • Wheat prices in the EU to slip to 4-week low, as jitters of delivery to disappear
    FarmIreland.t. E.
    Exchange wheat fell to the lowest level in nearly four weeks on Friday, as weakness in Chicago and the jump in the Euro took the attention away from the global tensions of supply is seen as a reflection in price.
    https://www.independent.ie/business/farming/tillage/grain-prices/eu-wheat-prices-slip-to-4week-low-as-supply-jitters-fade-37251207.html
    https://www.independent.ie/business/farming/tillage/article37156803.ece/76fcf/AUTOCROP/h342/2018-07-23T164125Z_466099203_RC110A520500_RTRMADP_3_EUROPE-GRAINS.JPG

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Exchange wheat fell to the lowest level in nearly four weeks on Friday, as weakness in Chicago and the jump in the Euro took the attention away from the global tensions of supply is seen as a reflection in price.

The benchmark Dec milling wheat on euronext Paris settled down 3.00 euros or 1.5% less at 202.75 euros ($231.89) per tonne, after touching the end of the sentence, the lowest level since 30 July 202.25 EUR.

For the week the contract was for 12 euros, or 5.6 percent.

“There are a lot of long liquidation in Chicago and Matif (euronext) is:” the futures dealer said. “There is nothing to feed the Bulls.”

Chicago wheat fell, testing support levels on the chart. The Euro rose sharply against the dollar significantly weakened, making Euro-priced products less attractive.

Wheat markets pulled back this week as the latest concern about the weather-hit harvest in Europe and speculation about possible export restrictions disappeared.

The forecast for rain in dry parts of Australia and reports a bumper US maize yield also decreased concerns about global supplies of the grain.

In Germany, monetary awards in Hamburg were stable, the sellers refused to accept falls to Paris futures, as the Ministry of agriculture has confirmed the drought has seriously damaged crops of wheat.

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The German Ministry of agriculture forecast on Friday that the winter wheat crop will fall by 19.1 percent from 2017-to 19.4 million tons.

“The Ministry confirms a much smaller crop, but actually much more optimistic than the Association cultures. The market is now estimated smaller harvest,” said one trader.

Association DBV agriculture on Wednesday forecast the winter wheat crop only 18.6 million tons.

Standard new crop wheat with 12 percent protein with a September delivery in Hamburg was offered for sale unchanged at 5 euros over Paris November.

Feed wheat in Germany, the South Oldenburg market in September-December were offered for sale over milling wheat at a price of about 219 euros a tonne, with buyers looking for 217 euros.

“A large amount of imports have been bought with the EU for the Baltic sea region, which will come before December and can help cool prices,” said another trader.

The fall in wheat production is expected mainly from the side of German export markets in 2018/19 while total wheat exports are expected to fall because of the weather-hit harvest through the unit.

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